The National Marine Dredging Company (NMDC) has signed a memorandum of understanding (MoU) with Daewoo Engineering & Construction, in a bid to cumulatively grow business opportunities across the Middle East and Africa. Through the MoU, the two entities will jointly explore onshore and offshore engineering, procurement and construction projects.
According to a statement from NMDC, the partnership will focus on marine, dredging and reclamation projects, in addition to identifying opportunities in industries such as energy, port development and urban development projects.
NMDC and Daewoo aim to work on a project-to-project basis, across specified geographical areas of operation, through joint ventures, or a mutual understanding between the two entities for securing fresh business opportunities, said group CEO Engineer Yasser Zaghloul, after signing the deal with Ilyoung Choi, SVP, Daewoo Engineering & Construction.
Zaghloul explained, “Despite the challenges of the pandemic, the group has emerged as one of the most profitable and fast-growing EPC majors for the energy and marine services sector, in addition to building strong competencies in a wide range of diversified sectors. This growth was driven by significant global partnerships and by sharing best practices. We continue to explore partnerships to enhance our global footprint. The MoU with Daewoo will further drive our growth through projects that draw on our mutual strengths.”
The MoU is in line with NMDC’s goal of driving its strategic expansion plans for strengthening its position and expertise, as a global engineering and construction powerhouse undertaking and delivering world-class infrastructure in vital growth sectors, the statement explained.
As a part of the agreement, NMDC and Daewoo will provide each other with technical and other relevant support, if required through a joint venture agreement, or any other contractual form. This will enable both entities to pre-qualify for a tender process, as well as secure and execute projects during the tendering.
